Long Term Care and Planning

Is Long Term Care Insurance right for you?

When You Should Not

• Your only source of income is a Social Security benefit or Supplemental Security Income (SSI).

• You often have trouble paying for utilities, food, medicine, or other important needs.

• You’re on MEDICAID.

When You Should

You SHOULD consider being long-term care insurance if:

• You have many assets and/or a good income.

• You don’t want to use most or all of your assets and income to pay for long-term care.

• You can pay the insurance premiums, including possible premium increases, without a problem.

• You don’t want to depend on support from others.

• You want to be able to choose where you receive care.

Filial Responsibility

A number of states have what is sometimes known as a Filial Responsibility Law, which obliges adult children to pay for their parents’ medical and nursing-home care. Currently, there are 30 states that have Filial Responsibility Laws and about two-thirds or those states allow long-term care providers to sue family members to recover unpaid costs. Although the rules vary widely from state to state, most take into consideration the adult child’s ability to pay. These Filial Responsibility Laws are not new, but they have been rarely enforced. That may change with the cost of long-term care rising and with increasingly strict Medicaid rules making it tougher for people to receive government assistance, senior service providers may find themselves with more unpaid bills. These laws may generate bad publicity, but may also be a facility’s only recourse.

Contact Us

Schedule A Consultation To Find Out More About Long Term Care and Planning for you or a loved one.